Peschke: If they can do it, so can you
A recent article on Yahoo! News detailed the stories of six people who found themselves deep in debt. These stories are good examples of success, if consumers will address their problems and take steps to extricate themselves from their financial difficulties.
The first couple had three children, ages 8, 12 and 15, and an annual income of more than $100,000. When the recession hit, they lost almost half their income.Talk about falling off the much talked about “fiscal cliff.” Unfortunately, like many people in their situation, they didn’t cut back on expenses.
Soon they found themselves more than $50,000 in credit card debt and were unable to make the minimum payments. Each month the balance climbed higher and higher when the monthly payments didn’t cover the interest. Fortunately, they sought the services of a not-for-profit credit counseling agency and entered into a debt management program designed to repay their debt.
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